So far this is what i have. I have requirements #1, 2, 3, 4. I am needing #5, the four financial statements.

ACCT 3103 Accounting Cycle Review Problem Due March 31,2019 40 points Facts: During January and February 2015, Stackhouse, Connelly, and Teagarden Enterprises (SCT Enterprises) participated in the following transactions Jan 1 Inventory on hand includes 500 widgets at a cost of $10 each (no journal entry is necessary, but you should make a note that these are the items that comprise the beginning inventory balance). 2 Purchased two new delivery trucks for $75,000 by signing a five-year note payable. The note carries a 5% interest rate and is due in equal monthly installments of principal and interest. Payments are due on the 2nd of each month. Note: you need to determine the amount of each monthly payment. 3 Paid employees $15,000 for wages earned in December 7 Purchased 11,000 widgets at a cost of $11 each on account. 11 13 Sold 3,000 widgets on account for $60,000 14 Paid employees $15,000 wages for the first half of the month. Paid various utility bills of $1,800 for the month of January 19 Paid $75,000 to suppliers for previous inventory purchases 20 Delivered 300 widgets to the customer who prepaid in December 26 Collected $90,000 on account from customers. Feb 1 Paid employees $15,000 for wages due from January 2 Made required payment on truck notes. 8 Purchased 20,000 widgets at a cost of $9 each on account. 11 Paid various utility bills of $2,100 for the month of February 14 Sold 5,000 widgets to a customer for cash of $100,000 15 Paid employees $15,000 wages for the first half of the month. 21 Learned that a customer has declared bankruptcy and determined that the $1,000 owed by the 23 24 28 customer to SCT should be written-off Purchased 10,000 widgets at a cost of $8 each on account. Sold 13,000 units on account for $325,000 Collected $20,000 on account from cus tomers. Required (round all computations to the nearest whole dollar): 1. Prepare entries to record the above transactions a. The perpetual LIFO inventory method is used. b. No adjustments have been made to the 12/31/2014 ending balances (e.g. the ending balances from 2014 are the starting point for this part of the case). Hint: SCT Enterprises was the company in the review problem at the beginning of the semester c. Transactions from December may have an impact on January and February (e.g. review the facts from the prior portion of the case) Round all amounts to the nearest whole dollar d. 2. 3. Prepare an unadjusted trial balance. Prepare adjusting entries for January and February (prepare one set of AJEs for both months at once), considering: Depreciation on the equipment is $36,000 per year Depreciation on the delivery trucks is $7,500 each per year. Assume SCT's policy is to report one full month of depreciation in the month of acquisition. Interest expense for both months Rent expense Unpaid wages; assume employees earned wages evenly throughout each month. Bad debt expense assuming SCT estimates that 5% of accounts receivable are uncollectible Insurance expense Last year, SCT owed (and accrued) no taxes because of available tax credits. Current earnings place SCT in the 30% tax bracket, but management believes the firm will actually pay an effective tax rate of 34% considering expected earnings for the full year. a. b. c. d. e. f. g. h. 4. Prepare an adjusted trial balance. 5. Prepare the four basic financial statements for the two months ending 2/28/2015. You should prepare a multiple-step income statement, classified balance sheet, and the statement of cash flows using the indirect method to prepare the operating section. Assume 10,000 shares of common stock have been issued and remain outstanding. Points to keep in mind and hints: You may discuss the assignment with your classmates, but you must submit your own, original work. Set up T-accounts and post each entry SCT Enterprises Post-Closing Trial Balance 12/31/2014 Accounts Debit Credit $ 728,500 60,000 5,000 11,000 8,000 300,000 Cash Accounts Receivable Inventory Prepaid Rent Prepaid Insurance Equipment Accum. Depreciation Accounts payable Unearned Revenue Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings Totals $3,000 30,000 5,000 15,000 208 50,000 1,000,000 9,292 $ 1,112,500 $ 1,112,500 Date Accounts Titles and Explanation Debit Credit 2 Jan. 2, 2015 Delivery Trucks Notes Payable 5 Jan. 3, 2015 Wages Payable Cash 8 Jan. 7, 2015 Inventory 121,000.00 Accounts Payable 121,000.00 11 Jan. 11,2015 Utilitity Expense 12 13 14 Jan. 13, 2015 Accounts Receivable Cash 60,000.00 60,000.00 16 17 Jan. 13, 2015 Cost of Golds Sold 19 20 Jan. 14, 2015 Wages Expensoe 15,000.00 Cash 23 Jan. 19, 2015 Accounts Payable Cash 75,000.00 26 Jan. 20, 2015 Unearned Revenue 29 Jan. 20, 2013 Cost of Goods Sold 32 Jan. 26, 2015 Cash 90,000,00 Accounts Receivable 90,000.00 35 Feb. 1,2015 Wages Payable 15,000.00 Cash 38 Feb. 2, 2015 Interest Payable Notes Payable 313.00 03.00 Cash ,413.00 41 42 Feb. 8, 2015 180,000.00 Accounts Payable 80,000.00 45 Feb. 11, 2015 Utility Expense 100.00 Cash 2,100.00 8 Feb.14, 2015 Cash 100,000.00 00,000.00 50 51 Feb. 14, 2013 Cost of Goods Sold 45,000.00 53 4 Feb. 15, 2015 Wages Expense 57 Feb. 21, 2015 Bad Debis Expense Accounts Receivable 60 Feb. 23, 2015 61 80,000.00 Accounts Payable 80,000.00 63 Feb. 24, 2015 Accounts Receivable 325,000.00 325,000.00 66 Feb. 24, 2015 Cost of Goods Sold 67 107,000.00 107 69 Feb. 28, 2015 Cash 20,000.00 Accounts Receivable 20,000.00 72 1. Journal Entries2 Debit 1 2 Cash 3 Accounts Receivable 4 Inventory 5 Prepaid Rent 6 Prepaid Insurance 7 Equipment 8 Accumulated Depreciation 9 Accounts Payable 10 Unearned Revenue 11 Wages Payable 12 Interest Payable 13 Notes Payable 14 Common Sotck 15 Retained Earnings 16 Delivery Trucks 17 Utility Expense 18 Sales 19 Cost of Goods Sold 20 Wages Expense 21 Bad Debts Expense 22 Total 23 24 25 26 27 28 29 30 31 32 Accounts Credit $ 798,185.00 334,000.00 197,700.00 11,000.00 8,000.00 300,000.00 $3,000.00 336,000.00 (15,000.00) (10.00) 123,897.00 1,000,000.00 9,292.00 75,000.00 3,900.00 490,000.00 188,300.00 30,000.00 1,000.00 $ 1,947,085.00$1,947,085.00 34 35 1. Journal Entries 2. Unadjusted Trial Balance